How GenAI strategy can transform innovation – EY
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How GenAI strategy can transform innovation
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EY Americas Strategy and Transactions AI Leader
Harnesses the power of data and mathematics to drive purpose-led, sustainable transformation for clients. Avid traveler. Proud father.
In brief
As companies seek growth in revenue and profitability, generative AI (GenAI) strategy can be a source of transformative outcomes.
Meaningful GenAI can extend far beyond driving efficiency and effectiveness. Its ability to create, simulate and understand complex data makes it a transformative force in enterprise innovation.
GenAI can help leaders reimagine their business model to secure revenue and growth advantages by helping to create innovative new products. It can also help redesign how these products get to market, speeding up commercialization. But as companies embark on an artificial intelligence (AI) strategy, it is necessary to intentionally link each use case directly to the profit and loss (P&L) statement. While the temptation is to anchor any initial GenAI strategy in the obvious and beneficial productivity impact it can have, this won’t be enough to foster differentiation, develop smart operations or create innovative products and services. The place to start for business leaders is in house by identifying and prioritizing use cases that uniquely leverage the organization’s intellectual property, financial, operations, and knowledge management systems, taking advantage of both qualitative and quantitative data. With these assets, leaders can customize foundational GenAI large language models (LLMs) to create new apps that foster a competitive advantage.
EY-Parthenon professionals recognize that CEOs and business leaders are tasked with achieving maximum value for their organizations’ stakeholders in this transformative age. We challenge assumptions to design and deliver strategies that help improve profitability and long-term value.
Traditional marketing methods are not able to comprehensively process and draw conclusions from all the data available and can miss trends in customer clusters. The result is broad, ineffective one-size fits-all outreach.
GenAI can process unstructured and fragmented data and empower marketers to develop more nuanced marketing strategies, including personalized messages, product recommendations, pricing, incentives, and other content that may resonate, incentivize loyalty and result in purchases. GenAI can reveal new areas of demand and enable brands to develop unique personality and likeability.
While marketing automation has advanced, a GenAI marketing campaign can help target customers better and create content at a lower cost. More broadly, because GenAI can help advance understanding of customer intent, it can be used to increase loyalty and revenue through higher quality leads and content.
Today’s rule-based chatbot customer service delivery is expensive and can be ineffective. The challenges in the customer journey may not be obvious from a company’s existing customer service data, while customer feedback can exist in a myriad of sources.
GenAI-powered chatbots are always listening and learning the semantics of language. In addition, GenAI-powered self-service tools can more effectively address customer inquiries. By resolving customer queries at the first point of contact, GenAI-powered solutions can cut costs. Customer care agents can leverage GenAI to generate live, automated and personalized insights, including tailored follow-up messages. Agents can also seek GenAI powered coaching suggestions, helping them deliver enhanced customer experiences.
GenAI can help deliver concierge-level engagement for many more customers, with a lower cost than would be required for human-only, bespoke customer service.
Traditionally, product design and development involve a lengthy iterative process, requiring multiple prototypes and revisions.
A GenAI strategy can expedite this process by rapidly generating and evaluating design alternatives. GenAI models can analyze user feedback, market trends and performance data to identify areas for improvement and suggest optimized designs. Engineers can also benefit from GenAI tools that assist in coding, resulting in reduced development time. Engineers also use algorithms to enhance functional and performance testing for greater quality, as well as to automatically generate test cases and test data, improving efficiency.
This can help reduce research and development costs, while also powering speed-to-market of new products and features.
Having a stellar use case for GenAI is still not enough for it to deliver enterprise value from AI strategy. As companies embark specifically on a GenAI strategy, it is necessary to link the impact of each use case directly to the P&L to achieve adoption, accountability and scalability. Without this linkage, companies run the risk of investing in promising-but-isolated projects that leverage emerging tech but fail to get past proof of concept.
Archana Sarathy, Senior Manager, EY-Parthenon and Salil Fadnavis, Manager, EY-Parthenon also contributed to this article.
GenAI can help business leaders reimagine their future and take the fast-moving technology far beyond mere productivity improvements.
But to develop a sustainable approach to value creation, GenAI strategy should be tied to the profit and loss (P&L) statement, and should harness the proprietary data that will help a business outshine its peers and competitors alike.
GenAI strategy will be unique for every business and industry; GenAI use cases may focus on customer service and engagement; marketing; and product development. Reach out to learn how we can help.
About this article
EY Americas Strategy and Transactions AI Leader
Harnesses the power of data and mathematics to drive purpose-led, sustainable transformation for clients. Avid traveler. Proud father.
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EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.
EY-Parthenon is a brand under which a number of EY member firms across the globe provide strategy consulting services.
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EY | Assurance | Tax | Transactions | Advisory
About EY
EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.
EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.
© 2017 EYGM Limited. All Rights Reserved.
EYG/OC/FEA no.
ED MMYY
This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. Please refer to your advisors for specific advice.
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This article was autogenerated from a news feed from CDO TIMES selected high quality news and research sources. There was no editorial review conducted beyond that by CDO TIMES staff. Need help with any of the topics in our articles? Schedule your free CDO TIMES Tech Navigator call today to stay ahead of the curve and gain insider advantages to propel your business!
How GenAI strategy can transform innovation
Select your location
No search results have been found
Local sites
EY Americas Strategy and Transactions AI Leader
Harnesses the power of data and mathematics to drive purpose-led, sustainable transformation for clients. Avid traveler. Proud father.
In brief
As companies seek growth in revenue and profitability, generative AI (GenAI) strategy can be a source of transformative outcomes.
Meaningful GenAI can extend far beyond driving efficiency and effectiveness. Its ability to create, simulate and understand complex data makes it a transformative force in enterprise innovation.
GenAI can help leaders reimagine their business model to secure revenue and growth advantages by helping to create innovative new products. It can also help redesign how these products get to market, speeding up commercialization. But as companies embark on an artificial intelligence (AI) strategy, it is necessary to intentionally link each use case directly to the profit and loss (P&L) statement. While the temptation is to anchor any initial GenAI strategy in the obvious and beneficial productivity impact it can have, this won’t be enough to foster differentiation, develop smart operations or create innovative products and services. The place to start for business leaders is in house by identifying and prioritizing use cases that uniquely leverage the organization’s intellectual property, financial, operations, and knowledge management systems, taking advantage of both qualitative and quantitative data. With these assets, leaders can customize foundational GenAI large language models (LLMs) to create new apps that foster a competitive advantage.
EY-Parthenon professionals recognize that CEOs and business leaders are tasked with achieving maximum value for their organizations’ stakeholders in this transformative age. We challenge assumptions to design and deliver strategies that help improve profitability and long-term value.
Traditional marketing methods are not able to comprehensively process and draw conclusions from all the data available and can miss trends in customer clusters. The result is broad, ineffective one-size fits-all outreach.
GenAI can process unstructured and fragmented data and empower marketers to develop more nuanced marketing strategies, including personalized messages, product recommendations, pricing, incentives, and other content that may resonate, incentivize loyalty and result in purchases. GenAI can reveal new areas of demand and enable brands to develop unique personality and likeability.
While marketing automation has advanced, a GenAI marketing campaign can help target customers better and create content at a lower cost. More broadly, because GenAI can help advance understanding of customer intent, it can be used to increase loyalty and revenue through higher quality leads and content.
Today’s rule-based chatbot customer service delivery is expensive and can be ineffective. The challenges in the customer journey may not be obvious from a company’s existing customer service data, while customer feedback can exist in a myriad of sources.
GenAI-powered chatbots are always listening and learning the semantics of language. In addition, GenAI-powered self-service tools can more effectively address customer inquiries. By resolving customer queries at the first point of contact, GenAI-powered solutions can cut costs. Customer care agents can leverage GenAI to generate live, automated and personalized insights, including tailored follow-up messages. Agents can also seek GenAI powered coaching suggestions, helping them deliver enhanced customer experiences.
GenAI can help deliver concierge-level engagement for many more customers, with a lower cost than would be required for human-only, bespoke customer service.
Traditionally, product design and development involve a lengthy iterative process, requiring multiple prototypes and revisions.
A GenAI strategy can expedite this process by rapidly generating and evaluating design alternatives. GenAI models can analyze user feedback, market trends and performance data to identify areas for improvement and suggest optimized designs. Engineers can also benefit from GenAI tools that assist in coding, resulting in reduced development time. Engineers also use algorithms to enhance functional and performance testing for greater quality, as well as to automatically generate test cases and test data, improving efficiency.
This can help reduce research and development costs, while also powering speed-to-market of new products and features.
Having a stellar use case for GenAI is still not enough for it to deliver enterprise value from AI strategy. As companies embark specifically on a GenAI strategy, it is necessary to link the impact of each use case directly to the P&L to achieve adoption, accountability and scalability. Without this linkage, companies run the risk of investing in promising-but-isolated projects that leverage emerging tech but fail to get past proof of concept.
Archana Sarathy, Senior Manager, EY-Parthenon and Salil Fadnavis, Manager, EY-Parthenon also contributed to this article.
GenAI can help business leaders reimagine their future and take the fast-moving technology far beyond mere productivity improvements.
But to develop a sustainable approach to value creation, GenAI strategy should be tied to the profit and loss (P&L) statement, and should harness the proprietary data that will help a business outshine its peers and competitors alike.
GenAI strategy will be unique for every business and industry; GenAI use cases may focus on customer service and engagement; marketing; and product development. Reach out to learn how we can help.
About this article
EY Americas Strategy and Transactions AI Leader
Harnesses the power of data and mathematics to drive purpose-led, sustainable transformation for clients. Avid traveler. Proud father.
Our locations
Connect with us
Legal and privacy
EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.
EY-Parthenon is a brand under which a number of EY member firms across the globe provide strategy consulting services.
youtube
EY | Assurance | Tax | Transactions | Advisory
About EY
EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.
EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.
© 2017 EYGM Limited. All Rights Reserved.
EYG/OC/FEA no.
ED MMYY
This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. Please refer to your advisors for specific advice.
In addition to cookies that are strictly necessary to operate this website, we use the following types of cookies to improve your experience and our services: Functional cookies to enhance your experience (e.g. remember settings), and Performance cookies to measure the website’s performance and improve your experience., and Marketing/Targeting cookies, which are set by third parties, allow us to execute marketing campaigns, manage our relationship with you, build a profile of your interests and provide you with content or service offerings in accordance with your preferences.
We have detected that Do Not Track/Global Privacy Control is enabled in your browser; as a result, Marketing/Targeting cookies, which are set by third parties that allow us to execute marketing campaigns, manage our relationship with you, build a profile of your interests and provide you with the content or service offerings in accordance with your preferences are automatically disabled.
You may withdraw your consent to cookies at any time once you have entered the website through a link in the privacy policy, which you can find at the bottom of each page on the website.
Review our cookie policy for more information.
Customize cookies
This article was autogenerated from a news feed from CDO TIMES selected high quality news and research sources. There was no editorial review conducted beyond that by CDO TIMES staff. Need help with any of the topics in our articles? Schedule your free CDO TIMES Tech Navigator call today to stay ahead of the curve and gain insider advantages to propel your business!
